The average days on the market also climbed this week to 144, but only 15% of properties had a price decrease. This high DOM may reflect the continuing number of distressed properties on the market, especially short sales which take a very long time to be approved by the bank and close escrow.

The Market Action Index answers the question, “How is the market doing? and answers it by measuring the current rate of sale versus the amount of the inventory. An Index above 30 suggests a Seller’s Market while one below 30 favors the Buyers. Local conditions in Oceanside real estate are currently in the Buyer’s Market zone, although not strongly so. The 90-day Market Action Index for Oceanside real estate is at 25 so Buyers should still expect to find a very good selection of properties.

Buyers of real estate in Oceanside should step up and take advantage of these current market conditions before prices start to rise.  Sellers are motivated to get their homes into escrow before the kids go back to school, and buyers should go into the market ready to make a move.

The median list price is $359,950.  This number reflects the large number of distressed properties (short sales and foreclosures) on the market. The distressed properties are pulling down the median price.

The total inventory of homes available in Oceanside is 222. 38 homes have been listed in the last seven days. The average days on the market is 135 which again reflects the longer time it takes to sell a distressed property.

If you are a home buyer in Oceanside, you should take advantage of this current buyers’ market. There are some incredible bargains out there, and Oceanside is becoming such a popular area to live. South Oceanside has some older houses with great charm and character, and the rest of Oceanside offers great restaurants, shopping, easy access to major highways.

Any single family residence in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista (including condos, townhomes, or mobile homes) qualifies if the home buyer will use it as a principal residence. First-time home buyers may qulify for this tax credit even if they own a vacation home or rental property, as long as those properties were not their primary residence for at least three years preceding the purchase of their new home.

This tax credit reduces income tax liability for the year that the first-time buyer purchases a property in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista. Any unused amount of tax credit is refunded to the first-time home buyer when they file their tax return.

For the purpose of this tax credit, a first-time homebuyer is defined as a purchaser (and purchaser’s spouse) who has not owned a primary residence in the three-year period ending on the date of purchasing this home. As a first-time home buyer, you don’t want to miss out on this opportunity to purchase a home in Cardiff, Encinitas, Carlsbad, Oceanside, or Vista before the end of 2009.